Employee training may seem costly. It does not have be, thanks to Singapore progressive policy.
Income and Revenue Authority of Singapore (IRAS) introduced the Productivity and Innovation Credit (PIC) scheme in 2010, and improved it every year since. The aim of the PIC is to encourage local and international businesses located in Singapore to invest and grow their employees, teams and infrastructure at a minimal cost. It will help Singapore remain competitive, with a highly qualified workforce.
Through IRAS PIC cost-saving scheme, you can, when procuring qualified programmes:
- SAVE UP TO 60% of staff training and development costs, up to $100,000 per year.
- DEDUCT 400% of the annual corporate tax on training expenditure for the year.
- GET a dollar-for-dollar Cash Bonus of up to $15,000 for claims above $5000.
So for example:
[table]
[tr][th]For a qualified agili2.mystagingwebsite.com programme costing[/th] [th]IRAS will refund [/th] [th]Net cost to you[/th] [th]Net gain for you[/th] [th]Tax credit[/th][/tr]
[tr][td]$10,000[/td] [td]$6,000 (60%) and $10,000 (cash bonus)[/td] [td]$0[/td] [td]$6,000[/td] [td][/td][/tr]
[tr][td]$20,000[/td] [td]$12,000 (60%) and $15,000 (cash bonus)[/td] [td]$0[/td] [td]$7,000[/td] [td][/td][/tr]
[tr][td]$30,000[/td] [td]$18,000 (60%) and $15,000 (cash bonus)[/td] [td]$0[/td] [td]$3,000[/td] [td][/td][/tr]
[tr][td]$50,000[/td] [td]$30,000 (60%) and $15,000 (cash bonus)[/td] [td]$5,000[/td] [td]$0[/td] [td][/td][/tr]
[tr][td]$100,000[/td] [td]$60,000 (cap) and $15,000 (cash bonus)[/td] [td]$25,000[/td] [td]$0[/td] [td][/td][/tr]
[tr][td]$200,000[/td] [td]$60,000 (cap) and $15,000 (cash bonus)[/td] [td]$125,000[/td] [td]$0[/td] [td]$400,000[/td][/tr]
[tr][td]$300,000[/td] [td]$60,000 (cap) and $15,000 (cash bonus)[/td] [td]$225,000[/td] [td]$0[/td] [td]$800,000[/td][/tr]
[/table]
We can create the application as part of our programme definition with you.